Hurricane Katrina Affects Real Estate Markets
I live in Baton Rouge and there is currently an huge influx of Hurricane Katrina victims buying houses at a premium in my area. One estimate is that homes are selling for 20-30% more than what they were one month ago. My question is how long does these spikes in market value usually lasts. I would love to get in on it by selling my home but I would be homeless because there are literally no homes left. Does anyone think this premium market will last for a few years? I planned to moved out of this area in 3 years and it would be really nice if I could sell at a 20% premium.
Then again in three years interest rates could be sky high and property values could be in the gutter. You never know like any other market it has its ups and downs.